Vietnam, Laos seek to boost connection between businesses

15:09 | 22/05/2019 Companies

A cooperation agreement was inked between the Vietnam Business Association for Cooperation and Investment in Laos (Viet-Lao BACI) and the Young Entrepreneurs Association of Laos (YEAL) in Vientiane on May 14.

At the signing of an MOU between Viet-Lao BACI and YEAL in Vientiane on May 14

Among attendants were Vietnamese Ambassador to Laos Nguyen Ba Hung, Deputy Secretary of the Lao People’s Revolutionary Youth Union (LPRYU) Central Committee Vilavone Vanthvong, and representatives of member companies of both Viet-Lao BACI and YEAL.

Addressing the event, Ambassador Nguyen Ba Hung applauded the increasingly close cooperation between Vietnamese and Lao businesses, affirming his optimal support for cooperation activities between the two associations, as well as between the two countries’ enterprises.

For her part, Vilavone Vanthvong said the newly inked cooperation deal shows that collaboration between Viet-Lao BACI and YEAL in particular and between Vietnamese and Lao firms as a whole has brought about positive results. She asked the two associations to promptly implement the signed contents in order to generate practical results and contribute to Vietnam-Laos economic and trade relations.

Viet-Lao BACI Chairman Nguyen The Hien affirmed that the signing of a cooperation agreement between Viet-Lao BACI and YEAL would work to boost the development of the two sides and create opportunities for their member companies to foster pragmatic and effective collaboration, thus contributing actively to improving the quality and efficiency of Vietnam-Laos economic ties.

After the leaders of Viet-Lao BACI and YEAL signed a memorandum of understanding (MOU) on information support, business connection and economic development consultation, Vietnamese firms such as Lane Xang Assurance, Sacombank Lao and PV Oil Lao signed five MOUs on bilateral cooperation with Lao partners.

YEAL is an organisation under the LPRYU Central Committee with over 800 member companies. YEAL has fostered cooperation and connection with many young entrepreneur associations of ASEAN countries and some Chinese provinces. Meanwhile, Viet-Lao BACI has 107 member companies which are operating in 11 fields in Laos, including insurance, telecommunication, petroleum, education and construction.

Last year, Vietnam-Laos trade revenues reached more than US$1 billion, up 14% against 2017. There are currently over 400 Vietnam-invested businesses in Laos with a total registered capital of roughly US$4 billion.

Theo NDO